Burford Capital revealed Wednesday it has completed its reorganisation which was announced on November 22nd.
Burford, publicised as the world's largest provider of investment capital and risk solutions for litigation, has issued 24.5m new ordinary shares of the company to the principals of the investment advisor. It has also cancelled the investment advisory agreement that entitles the principals to performance fees.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"An application has been made for the new ordinary shares, which will rank pari passu with the company's existing ordinary shares, to be admitted to trading on AIM and trading in such shares is expected to commence today," the firm said in a statement Wednesday.
The total number of shares in issue and the overall ordinary shares in the company with voting rights will be 204m following the issue of the new ordinary shares.
Burford, a closed-end $300m investment fund publicly traded on the London Stock Exchange's AIM, has a market capitalisation of £201m with shares currently standing at 98.50p.
RD
-
Are under-30s at greatest risk of retirement poverty?Under-30s have benefitted from auto-enrolment but housing costs could quickly erode their pension in retirement, with more likely to be renting or still paying off a mortgage
-
HMRC toughens checks on pension tax relief claims – could you be missing out on extra money?The change is going to be a pain for some higher and additional rate taxpayers who are used to claiming already and who will now need to do some extra legwork
